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LOANS PAYABLE
3 Months Ended
Oct. 31, 2021
LOANS PAYABLE  
NOTE 7 - LOANS PAYABLE

NOTE 7 – LOANS PAYABLE

 

On April 16, 2017, the Company executed a promissory note for $15,000 with a third party. The note matures in two years and interest is set at $3,000 for the full two years. As of October 31, 2021, there is $15,000 and $5,250 of principal and accrued interest, respectively, due on this loan. As of July 31, 2021, there is $15,000 and $4,875 of principal and accrued interest, respectively, due on this loan. This loan is currently in default.

 

On June 11, 2020, a third party loaned the Company $14,000. On September 9, 2020, the Company repaid $5,000 on this loan. On March 3, 2021, the party loaned another $5,000 to the Company. The loan is unsecured, non-interest bearing and due on demand.

 

As of October 31. 2021, the Company owed $5,000 to a third party. The loan is unsecured, non-interest bearing and due on demand.

 

During the year ended July 31, 2020, a third party loaned the Company $15,000. The loan is unsecured, bears interest at 8% per annum and matures on September 1, 2021. During the three months ended October 31, 2021, the note holder converted the $15,000 of principal and $2,400 of interest into 174,000 shares of common stock.

 

During the year ended July 31, 2020, a third party loaned the Company $60,000. The loan is unsecured, bears interest at 8% per annum and matures on September 1, 2021. As of October 31, 2021, there is $9,955 of interest accrued on this note.